Every Father’s Day, we traditionally reach for cards, flowers, or small gifts. But what if you could give your dad something that offers more than just a day’s joy – something that provides peace of mind and security for years to come? This Father’s Day, let’s shift our focus to truly meaningful investments. Give your father a gift that helps secure and balance his retirement years.
Prioritize Health with Robust Health Insurance
Medical expenses in India are continuously rising, with healthcare costs increasing by approximately 14% annually. If your father is between 50 and 70 years old, aim for a health insurance plan that not only covers pre-existing conditions but also includes hospitalization and day-care facilities. Many modern plans offer coverage up to ₹20-25 lakhs. Opting for a multi-year policy can also lock in premiums and provide tax benefits.
Plan for a Comfortable Retirement
If your dad’s retirement is still a few years away, consider investing in Unit Linked Pension Plans (ULPPs) or other retirement schemes. These plans invest in a mix of equities and debt, potentially offering better long-term returns. Upon maturity, you can typically withdraw 60% of the amount tax-free, with the remaining balance used to purchase an annuity for a regular monthly pension. This is an excellent way to ensure a steady income for him after retirement.
Enhance Protection with Critical Illness and Hospital Cash Plans
As we age, the risk of serious illnesses increases. A critical illness policy can provide crucial financial protection against conditions like cancer, heart attack, and stroke. Additionally, consider adding a hospital cash benefit rider. This rider provides a fixed daily amount during hospitalization, helping cover incidental expenses that regular health insurance might not.
Embrace Long-Term Investment Strategies
With the average lifespan now exceeding 80 years, it’s essential to plan for 20-30 years of post-retirement life. Alongside health insurance, adopting a balanced investment strategy can help mitigate the impact of rising medical costs and fluctuating interest rates, ensuring a more financially stable future for your father.
Timesbull
Author at TimesBull covering breaking news and current affairs.
